Answer the following questions based on the graph below: 100 90 80 70 60 29 50...

 

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Answer the following questions based on the graph below: 100 90 80 70 60 29 50 40 30 20 10 price S D 10 20 30 40 50 60 70 80 90 100 quantity A. Suppose there is a price floor at $70, what is the amount of deadweight loss? Explain why this is the case. (1 point) B. Suppose there is a price floor at $70, what is the amount of consumer surplus? (1 point) C. Suppose there is a price floor at $30, what is the amount of producer surplus? (1 point) D. Suppose there is a price floor at $30, what is the amount of consumer surplus? (1 point) E. Suppose there is a price floor at $30, what is the amount of the deadweight loss? (1 point) Answer the following questions based on the graph below: 100 90 80 70 60 29 50 40 30 20 10 price S D 10 20 30 40 50 60 70 80 90 100 quantity A. Suppose there is a price floor at $70, what is the amount of deadweight loss? Explain why this is the case. (1 point) B. Suppose there is a price floor at $70, what is the amount of consumer surplus? (1 point) C. Suppose there is a price floor at $30, what is the amount of producer surplus? (1 point) D. Suppose there is a price floor at $30, what is the amount of consumer surplus? (1 point) E. Suppose there is a price floor at $30, what is the amount of the deadweight loss? (1 point)

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A At the price floor of 70 Deadweight Loss 05 Price Differenc... View the full answer